HISTORY OF THE COMPANY

Consolidated Capital of North America, Inc. (the "Company") was incorporated under the laws of the State of Delaware on November 24, 1987. In March 1992, the Company was reincorporated in the State of Colorado through the merger of the Delaware corporation into a newly formed Colorado corporation.

The Company was originally organized to take advantage of potential business opportunities made available to the Board of Directors. Commencing in 1989, the Company investigated business opportunities in various industries and in 1991 the Company acquired an interest in a natural gas pipeline located in southeast Kansas and northeast Oklahoma. The...